It gives me great pleasure to present to you the 55th Annual Report of
 your Company. I am happy to share that 2010 was indeed a very fruitful
 year in which our business grew and we performed extremely well with
 commendable domestic sales.
 
 Your Company and all its employees made this possible by
 single-mindedly focussing on patients to support their needs to the
 best of our ability. Like the mandala theme of this years Annual
 Report, each department performed their role functions individually and
 collectively, united by patients who are at the centre of our universe.
 Not only have our products such as Combiflam®, Cardace®, Allegra®,
 Amaryl® and Lantus® been the top contributors for your Company for the
 last three years consecutively, they also feature amongst the top 100
 products of the pharmaceutical industry.
 
 This goes to show that your Company has reached out to many more
 patients across India. Kudos to our passionate sales force for their
 persistent and enduring efforts to reach far and wide and make
 medicines available to patients residing in big metro cities as well as
 across many towns in the hinterlands. With our rural initiative
 Prayas we are now playing an active role in building capacity in
 rural India so that patients in the remote parts of the country also
 get better healthcare treatments from well informed doctors.
 
 In view of the changing times, both in India and globally, your Company
 unveiled new values - Innovation, Confidence, Respect, Solidarity and
 Integrity. These values are very relevant in the current times and
 really differentiate your Company as a patient-centric organisation
 that follows ethical practices and is humane in its approach to
 healthcare even as it supports several socially relevant healthcare
 projects in partnership with Non-Governmental Organisations (NGOs).
 
 In 2011 your Companys growth agenda is to focus more on the patients
 needs and to adopt a 360-degree patient-centric approach, with
 innovation and diversification as pillars to help it transform itself
 into the most admired healthcare Company in India.
 
 Before I conclude, I express my gratitude for your constant support
 over the years. I place on record my deep appreciation for the
 dedication and commitment of all the employees of your Company. I look
 forward with confidence to 2011 as a year of continued progress on all
 strategic growth levers.
 
 Yours sincerely, 
 Shailesh Ayyangar